An intention to give such as being named in a will) is the same as an unconditional promise to give and can be recorded as revenue when the intention is made known.
Correct Answer:
Verified
Q55: When preparing the Statement of Cash Flows
Q56: Conditional promises to give are recognized as
Q57: The Statement of Cash Flows for a
Q58: A Statement of Functional Expenses is not
Q59: Present and potential donors are the primary
Q61: All not-for-profits must follow FASB standards so
Q62: FASB Statement 164 Not-for-Profit Entities: Mergers and
Q63: Identify the standard setting body for private
Q64: With the exception of collections, fixed assets
Q65: Which of the following is not a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents